HONG KONG - The Hong Kong Special Administrative Region should do more to facilitate financial connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area and accelerate the process of the Wealth Management Connect, said Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said on Friday at a GBA forum.

“Enhancing the connectivity of financial markets within the Bay Area has always been of upmost importance,” Lam said. “As the country’s finance hub, Hong Kong on the one hand benefits from the huge market in the Chinese mainland, and on the other hand assists in the reform and opening-up of the country’s financial markets. We will continue to leverage Hong Kong's connectivity with the Chinese mainland and the overseas markets and grasp the country's support for financial innovation in the Bay Area, including accelerating the implementation of cross-border Wealth Management Connect.”

We will continue to leverage Hong Kong's connectivity with the Chinese mainland and the overseas markets and grasp the country's support for financial innovation in the Bay Area, including accelerating the implementation of cross-border Wealth Management Connect.

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor

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China’s dual circulation economic strategy provides the city with new opportunities, Lam said.

“Hong Kong should leverage the unique advantage of ‘one country, two systems’ to strengthen the role as a middleman in the external circulation. On the other hand, Hong Kong should seize the business opportunities in the mainland market and better integrate into the development of the country.”

The conference, “Pilot 9+2: First Guangdong-Hong Kong-Macao Greater Bay Area Development Forum and Award Presentation Ceremony”, was held by Hong Kong Ta Kung Wen Wei Media Group on Friday. Over 150 people, including government officials, business leaders and academics exchanged views in three panel discussions: financial connectivity, innovation and technology, and supporting young talent in the Bay Area. 

Experts taking part in the discussions said Hong Kong should leverage its unique strengths as it takes up a larger role in facilitating connectivity and innovation in finance.

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Technology, domestic demand, a high level of opening-up and sustainable development are four important themes in the development of the Bay Area, said Sun Yu, vice chairman and executive director at Bank of China (Hong Kong) and chairman of the Chinese Banking Association of Hong Kong. He said under the 14th Five-Year Plan, the Chinese mainland will promote a higher quality of openness, highlighting the development of financial technology within the Bay Area, which will bring new opportunities to Hong Kong as an international financial center.

“The Bay Area is the best choice for building a new long-term growth pole of the Chinese mainland's economy,” said Li Dahong, vice-president and chief editor of Hong Kong Ta Kung Wen Wei Media Group. “(The Bay Area) should abandon its early-stage 'front store, back factory" cooperation model based on the docking of resources and instead explore industrial cooperation in the high-end of the value chain around telecommunications, artificial intelligence, e-commerce, internet finance and other key areas.”